Buhari seeks NASS nod over N2trn promissory notes, bonds

President Muhammadu Buhari has written the House of Representatives, seeking approval of over N2 trillion promissory notes and bonds issuance programme, to off set the inherited local debts, as well as contractual obligations.
The request was contained in a letter read by Speaker Yakubu Dogara at yesterday’s plenary.
“I wish to convey the resolution of the Federal Executive Council (FEC), requesting the National Assembly to pass a bill to effect the promissory note and bond issuance programme to clear the long standing obligations inherited by this administration,” President Buhari stated in the letter.
He explained that the promissory notes and bond issuance programme become imperative to clear all the obligations which include unpaid obligations to pensioners, salaries and promotional arrears to civil servants, obligations to pay oil marketers, contractors and suppliers, tariff s 2014, export expansion grant, judgement debts for projects undertaken on behalf of the federal government.
Buhari said the obligations which were accumulated over the years and will be paid through bond and promissory note issuance, to resolve long outstanding dues and stimulate economic activities.
Dogara later referred the request to the joint Committee on Finance and Aids, Loans and Debt Management for further action.